South Korean market growing for video games

Demand for video games is increasing in South Korea, with software expected to continue recording strong growth over the next few years.

The Euromonitor Digest, the online publication of the Export Management Bureau of the Department of Trade and Industry (DTI), said new video games hardware, an internet-connected one which enables access to the Steam platform, allows game producers to upload their games to the platform and pay a commission of 30 percent.

The report said it does not require storage place or inventory, and this is set to support growth of video games software (digital) over the forecast period.

Manufacturers of console game hardware are also following this trend, which will likely lead to lower sales of video games software (physical), it added.

The Euromonitor Digest said the already-high possession rate of smartphones is expected to increase, thus supporting growth of mobile games which are set to record strong constant retail value growth.

It noted online games have a spending limit while mobile games have no budget limitation.

The report cited data indicating that the number of female gamers is increasing gradually.

Thus unlimited gaming spend and the increasing number of game players will likely support the growth of mobile games, it said.

“Small and medium-sized companies focused on online games and overseas markets such as China, South East Asia and the US (United States), whilst developing games in South Korea,” it added.

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